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TMC Inc. employs a periodic inventory system. At the end of 2018, it missed counting some inventory items, resulting in an inventory understatement by $600,000. Assume that TMC has a 25% income tax rate and that this was the only error it made. What is the effect of the error on TMC's 2019 income statement? Multiple Choice Net income is understated by $450,000 Cost of goods sold is understated by $450,000 None of these answer choices are correct There are no errors in the 2021 income statement